Bitcoin Price Analysis: BTC Remains Pressured Below $24,000; Is $26,000 possible?

Today’s Bitcoin price analysis is displaying investors’ consolidation mode. As the price extends the previous day’s sideways movement in a range of $23,400 and $24,000. The biggest cryptocurrency by market cap has been trading with a neutral to a mildly bullish bias.

• BTC price trades higher with modest gains on Saturday.
• The formation of two-consecutive candlesticks suggests indecision among traders.
• A strong resistance playing around $24,200 and $24,400 zone.

As of writing, BTC/USD is reading at $23,899.05, up 0.47% for the day. The price has been consolidating below the $24,000 mark but the downside is well capped near $23,700. If the price manages to hold above the session’s high of $23,978 more upside can be seen in the coin.

BTC remains steady near a higher level

On the daily chart, the BTC price analysis shows that the price has been trading in a rising wedge formation. A rising wedge is a bearish continuation technical pattern. However, the price is comfortable and sits above the critical 20-day and 50-day EMA’s indicating a bullish underlying sentiment.

Strong support is placed at around $23,400, the price manages to hold for the past 24 hours. Currently, BTC bulls are attempting to rally back toward the $24,400 level.

A daily close above the mentioned level would pave the way for the psychological $26,000 level, This also coincides with the upper trendline of the wedge formation.

The MACD oscillator shows that the bullish momentum is sustaining above the midline. The RSI (14) is currently trading near the 59 level, which indicates that the market is in bullish mode and is far from overheating. Any uptick in the indicators would strengthen a bullish breakout out of the current consolidation.

The 24-hour trading volume of BTC dropped more than 18% to $32,530,459,847.

On the other hand, a break below the session’s low would entice bears to enter into trade. In that case,  the price could meet the 50-day EMA at $23,191 followed by the low of July 24 at $22,263.